AIM and Media Release
13 April 2023
BASE RESOURCES
LIMITED
LTIP performance rights update
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises that, since the Company’s last LTIP update on 11 January 2023, 2,757,437 vested performance
rights granted under the Base Resources Long Term Incentive Plan
(LTIP) have been exercised, and a further 504,915
performance rights have been granted.
For each performance right that was exercised, LTIP participants
were allocated one fully paid ordinary share in Base Resources
previously acquired on-market by the LTIP trustee. In
accordance with the terms of the LTIP, the exercise price was nil
and the shares were allocated for nil cash consideration. The
performance rights exercised were from the 2018 and 2019 LTIP
cycles, which vested following performance testing as at
30 September 2021 and 30 September 2022, respectively.
The performance rights granted were for the current 2022 LTIP
cycle, with the three-year performance period for those rights
having commenced on 1 October 2022. The performance rights
were granted to employees that became eligible to participate in
the LTIP after commencement of the three-year performance period
and form the equity component of their at-risk remuneration for the
financial year ending 30 June 2023.
Base Resources further advises that 2,169,738 unvested
performance rights, from the 2020, 2021 and 2022 LTIP cycles, have
also been forfeited after one or more LTIP participants ceased to
be employed other than for a “Qualifying Reason” (as that term is
defined in the LTIP).
As a result of the above events, the Company has the following
securities on issue:
- 1,178,011,850 ordinary shares.
- 53,598,359 performance rights issued pursuant to the terms of
the LTIP, comprising:
- 1,872,852 vested performance rights, which remain subject to
exercise1; and
- 51,725,507 unvested performance rights subject to performance
testing in accordance with their terms of issue.
[Note (1): Vested performance
rights have a nil cash exercise price and, unless exercised
beforehand, expire five years after vesting.]
ENDS.
For further information contact:
Australian Media Relations |
UK Media Relations |
Citadel Magnus |
Tavistock Communications |
Cameron Gilenko and Michael
Weir |
Jos Simson and Gareth Tredway |
Tel: +61 8 6160 4900 |
Tel: +44 207 920 3150 |
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The Company operates
the established Kwale Operations in Kenya, is developing the Toliara Project in
Madagascar and is conducting
exploration in Tanzania. Base Resources is an ASX and AIM
listed company. Further details about Base Resources are
available at www.baseresources.com.au
PRINCIPAL & REGISTERED
OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 8 9413 7400
Fax: +61 8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 8 9480 2500
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio /
Patrick Dolaghan
Phone: +44 20 7523 8000